Client Protection Principles: Model Law
Annex 3: Key Facts (Payments)
The following represents a list of key information financial institutions should provide to clients regarding payments products and services
i
 
Pricing
 
How much does the payment service cost (please separat e costs out from all other products offered, including credit)? Be sure to include and identify:
 
o
 
Transaction Fees
 
o
 
Subscription Fees
 
o
 
Commissions
 
 
If international payments are available, provide information on relevant exchange rates. What exchange rates are used? How often are  rates updated? How are they c alculated?
  Agents
 
Who are your payment agents? Where are they located?
 
How does the client confirm that the  payment agent is legitimate? Is there an a ccreditation?
 
What standards of behavior are payments agents obligated to uphold?
 
In the event there is a problem with the payment or a concern about the payment agent’s
behavior, how do clients seek redress?
Security of Payments
 
Advise clients that they should be familiar with the payment ag ent, especially in case of an international payment.
 
 
What happens if payment is made to the incorrect  account? Due to erroneous information provided by client? Through the fault of the agent? Through the  fault of the financial institution? Due to fraud or system compromise?
 
 
How are transactions documented? What type of confirmation of successful payment does the client receive and when? Are clients able to  receive documentation of past transfers?
 
For additional information, please see the Smart Campaign standards and indicators: http://www.smartcampaign.org/about/smart-microfinance-and-the-client-protection-principles
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